Tech Time: Why one rail shouldn’t rule them all

Form a deep understanding of member needs before rolling out real-time payments solutions.

In the current economic climate, having access to funds in real time is more important than ever, both for consumers and businesses. Credit unions are taking note, as nearly 30% of credit unions plan to offer real-time payments starting in 2023. But another 23% of credit unions aren’t sure when they’ll offer RTP, according to research from CUESolutions provider Cornerstone Advisors.

For credit unions that aren’t sure when they’ll roll out real-time payments, one reason for the delay could be all the faster payment options they have to choose from. There’s The Clearing House RTP network and the upcoming Federal Reserve’s FedNow Service, not to mention such other options as same-day Automated Clearing House payments and solutions like Zelle.

One payment rail is unlikely to satisfy everyone’s needs, and narrowly focusing on a single faster payment rail could limit a credit union’s ability to innovate and adapt in the future. As credit unions plan their faster payment strategies, it’s important they factor in more than just speed.


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